Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Commodities»CFTC takes legal action against firm for commodity pool scheme
    Commodities

    CFTC takes legal action against firm for commodity pool scheme

    October 30, 20242 Mins Read


    The Commodity Futures Trading Commission (CFTC) took a civil enforcement action against a firm for allegedly operating a commodity pool scheme.

    © Shutterstock

    The legal action was filed in the U.S. District Court for the Eastern District of Louisiana against NOLA FX Capital Management and Meteor, LLC, as well as the founder of both, Michael B. DePetrillo.

    The CFTC complaint alleges the defendants operated a commodity pool scheme where they fraudulently solicited and accepted at least $7.6 million from at least 40 individuals and then misappropriated and commingled pool participant funds. Allegedly, NOLA FX Capital and Meteor acted as unregistered commodity pool operators, while DePetrillo acted as an unregistered associated person of a commodity pool operator.

    The defendants allegedly sent false account statements to pool participants showing purported profits and trading activity, when none existed. Instead of trading as promised, the defendants misappropriated pool funds. The misappropriated funds were allegedly used to make payments to existing pool participants in a manner akin to a Ponzi scheme, pay DePetrillo’s personal expenses, and to conduct personal trading in DePetrillo’s personal trading accounts.

    The CFTC is seeking restitution, disgorgement, civil monetary penalties, restitution, trading and registration bans, and a permanent injunction against further violations.

    The U.S. Attorney’s Office, Eastern District of Louisiana, filed a separate criminal action against Michael B. DePetrillo.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Muse, Korn, Scorpions… Pour sa 18e édition, le festival Hellfest affiche complet

    Commodities

    Luxaviation investit dans les carburants durables avec Haffner Energy

    Commodities

    Sound Energy s’ouvre à l’hélium et à l’hydrogène aux côtés de Getech

    Commodities

    Hellfest Kids 2025 : dinosaures, punk à chats, fanfare metal et gamins en folie

    Commodities

    Carburant vert pour l’aviation : le projet à 2,2 milliards d’euros de Verso Energy franchit une première étape à Étagnac

    Commodities

    Secteur pétrolier : Mejdi Mbarek nouveau directeur général de OLA Energy Cameroun

    Commodities
    Leave A Reply Cancel Reply

    Top Picks
    Precious Metal

    EPU ETF: A Copper Play When The Time Is Right

    Fintech

    Visigon, l’entreprise de Huddlestock Fintech, reçoit un nouveau contrat d’une banque danoise -Le 07 mars 2025 à 12:04

    Cryptocurrency

    Crypto concerns: Why makers of digital currency want to be here. What makes NC counties wish they left. | WFAE 90.7

    Editors Picks

    Minco Silver en hausse de près de 10 % après avoir reçu le dernier versement de son prêt de Longxin Mining

    May 28, 2025

    Alamos Gold Announces Closing of Argonaut Gold Acquisition

    July 12, 2024

    How much would your school district receive under House budget plan?

    April 7, 2025

    Oakley Capital Investments participe à l’opération Infravadis

    June 3, 2025
    What's Hot

    Pakistan seeks $300 million panda bonds investment from China to stem economic crisis – Firstpost

    July 27, 2024

    Will Gold Keep Making Higher Record Highs? — TradingView News

    July 19, 2024

    China plans commodities overhaul to attract global investors

    May 27, 2025
    Our Picks

    “I’ve played Smoke On The Water with some heavy metal drummers and not one of them has played it right. Ian lets the music do its work. He’s probably the most important member of the band”: Ian Gillan bigs up Deep Purple colleague Paice

    July 21, 2024

    Congyu Intelligent Agricultural annonce la démission de Wang Hui de son poste de directrice générale

    June 3, 2025

    More time and fewer regulations for water utilities on ‘forever chemicals’

    June 16, 2025
    Weekly Top

    Les tout premiers ETF basés sur le XRP de Ripple sont aujourd’hui lancés au Canada

    June 18, 2025

    Gold Surges Toward Record High

    June 18, 2025

    Sound Energy s’ouvre à l’hélium et à l’hydrogène aux côtés de Getech

    June 18, 2025
    Editor's Pick

    1 Magnificent Dividend Stock Down 40% to Buy and Hold Forever

    August 24, 2024

    Long-range enhancements of micropollutant adsorption on metal-promoted photocatalysts

    July 19, 2024

    How investment vehicles (ETPs) are redefining portfolio management

    August 27, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.